https://www.taxtmi.com/caselaws?id=379889 Penalty for concealment or furnishing inaccurate particulars may be sustained where a cash-deposit explanation is unsupported by evidence or where leasehold land is incorrectly treated as part of a depreciable building block, resulting in non-disclosure of long-term capital gains. Such claims are not bona fide when they are unsubstantiated or plainly contrary to accounting and tax principles. A section 274 penalty notice need not be invalid merely because the inapplicable limb was not struck off, provided the assessment and penalty proceedings make the charge clear and the taxpayer shows no prejudice. The stated outcome was sustainment of penalty on both issues and dismissal of the appeal. en-us Tue, 30 Apr 2019 00:00:00 +0530 Wed, 08 May 2019 10:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=379889 Penalty for concealment or furnishing inaccurate particulars may be sustained where a cash-deposit explanation is unsupported by evidence or where leasehold land is incorrectly treated as part of a depreciable building block, resulting in non-disclosure of long-term capital gains. Such claims are not bona fide when they are unsubstantiated or plainly contrary to accounting and tax principles. A section 274 penalty notice need not be invalid merely because the inapplicable limb was not struck off, provided the assessment and penalty proceedings make the charge clear and the taxpayer shows no prejudice. The stated outcome was sustainment of penalty on both issues and dismissal of the appeal. Case-Laws Income Tax Tue, 30 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=379889